Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,310/mo
+$162/mo- Down payment
- $0
- Funds due
- $13,015
- Interest + MI left
- $479,937
- First ends
- Apr 2053
New loan
New conventional
$3,148/mo
Lowest payment- Down payment
- $43,800
- Funds due
- $53,380
- Interest + MI left
- $576,386
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $439,918 | $394,200 |
| Second mortgage | — | — |
| First P&I | $2,910.93 | $2,670.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $78.84 |
| Taxes, insurance & HOA | $399.17 | $399.17 |
| Total housing payment | $3,310.10 | $3,148.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,015
Usable credit−$0
Total buyer cash needed$13,015
Earnest money paid−$0
Remaining funds due$13,015
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,380.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,199.59
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$525.50
Initial HOA (3 months)$222.00
Prepaid interest, first (6 days)$470.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 4 moOf the original 30-year loan at 6.5%
Interest already paid$107,458Through Dec 2026
Assumption only · ends Apr 2053$479,937
New conventional · ends Jan 2057$576,386